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Budget full of super reforms
The Federal Budget was broadly welcomed by a panel of economists and commentators contacted by Super Review.
The chief economist with Tyndall, Ross Gustafson, welcomed the tax changes included in the Budget as well as the abolition of the superannuation surcharge, but warned that the Reserve Bankof Australia (RBA) was likely to regard it as stimulatory.
He said that while following the RBA’s most recent increase in interest rates, the settings might have been regarded as “neutral” they were more likely to be regarded as “accommodating” following the Budget.
The chief economist with BT FundsManagement, Tracey McNaguhton, said that while the Budget might be regarded as stimulatory, she did not believe it would have an impact on interest rates.
“We regard the Budget as being a positive move towards reform,” she said.
The Association of Superannuation Funds of Australia (ASFA) while welcoming the Government’s decision to abolish the surcharge suggested that more still needed to be done to help Australians achieve the retirement incomes they needed and deserved.
“The Government has stopped short of improving savings incentives for the overlooked low and middle income earners,” ASFA’s director of Policy and Research Michaela Anderson said.
AUTHOR
Mike Taylor
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